Q3业绩表现亮眼，盈利能力大幅提升

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 271.73 CNY for the next six months [4][7]. Core Insights - The company reported a significant increase in revenue and profitability for the first three quarters of 2024, with total revenue reaching 988 million CNY, a growth of 91.16%, and net profit of 520 million CNY, up by 170.42% [1][2]. - The company is actively showcasing its original research capabilities and innovative products in the fields of biomaterials and cosmetics, enhancing its global influence and competitive edge [3]. - The financial outlook remains strong, with projected revenue growth rates of 71.7%, 34.7%, and 30.5% for 2024 to 2026, and net profit growth rates of 129.2%, 29.0%, and 30.4% for the same period [7][8]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 92.41%, a net profit margin of 52.63%, and a significant improvement in cash flow from operating activities, which totaled 543 million CNY, reflecting a 198.12% increase [1][2]. - The company’s net profit margin for Q3 was reported at 54.40%, with a gross margin of 93.52%, indicating strong operational efficiency [2]. - The company has maintained a low expense ratio, with sales, management, and R&D expense ratios improving compared to previous periods [2]. Market Position and Innovation - The company is leading innovation in the biomaterials and cosmetics sectors, having received multiple awards for its products and actively participating in international academic conferences to promote its research [3]. - Collaborations with prestigious institutions like Fudan University are enhancing the company's research capabilities and facilitating the integration of industry and academia [3].